Oil Price:all ears on the next OPEC+ meeting in March
The next monthly meeting of the OPEC+ on March 4, is going to be crucial for the oil price in particular and the economies of the world regardless of their strength in general. At present, the factors which are always in favour of steady oil price are active: the inventory draws are significant; China has been importing crude oil at an increased pace and so has India; Covid-19 vaccines bring in new hope for controlling the pandemic. In this context, OPEC+ can play the decisive role in the equation of crude oil price very soon. According to Ihsan Abdul Jabbar, the Iraqi oil minister, the OPEC+ will make sure oil supply is steady for the coming months; whether he meant up until next month after March, i.e. April, or beyond that remains to be the collective decision of the cartel. Iraq may agree with the rest of OPEC+ in order to maintain an output cut so that it can boost revenue to shore up its struggling economy; the political unrest is at a critical point in the country, whi